Nortech AI has raised a €2.5 million seed round of funding from Indico Capital Partners and Earlybird-X, both funds investing in climate tech companies over the last few years. This Norwegian-Portuguese startup is set to catalyze the maritime industry’s transition from reactive to proactive use of data, heralding a new era of cost savings and environmental conservation through reduced greenhouse gas emissions.
Nortech AI is starting by addressing the lack of connected information and the waste of resources facing the maritime industry. The company’s plug-and-play solution, already being used by many customers in the Nordics, offers remote commissioning and is devised to capture and use industrial IoT data effectively. Vessels and their respective businesses can speed up their digital initiatives, thus making real-time decisions, and enhancing their operations.
The solution functions through scalable data models – built with live operational data and simulation data – where templates developed from successful proofs-of-concept can be contextualised and reused to solve many use cases with the same model. Ultimately, the platform aims to interconnect various industrial needs – from data analytics to process automation. What is now done in the maritime industry can also be done in the future in multiple industrial settings, something that this round will enable in terms of product development.
Stephan Morais, Managing General Partner of Indico Capital Partners, said: “The maritime industry is ripe for the implementation of software that helps it become more sustainable. Nortech´s software is quick to integrate with existing systems onboard and therefore allows ships´ operations to become more sustainable immediately. We are proud to support this global maritime industry transition with our Blue Fund.”
Michael Schmitt, Partner Earlybird-X, commented: “Industrial IoT is a critical conduit for streamlined, intelligent, and sustainable operations. Nortech AI simplifies the digitalization journey, empowering industries to become more data-driven without hassle.”
At Nortech AI’s Bergen and Lisbon offices, a team of seasoned experts in the maritime market and beyond are committed to facilitating the seamless transition of businesses into the digital age, with a deep understanding of the industry’s nuanced demands. Francisco Roque, Nortech AI’s CEO, added: “Our mission is steeped in simplicity and efficiency. We envision a world where businesses leverage the power of industrial IoT without the accompanying complexities. It’s about creating a future where digitalization is not a hurdle, but a pathway to sustainable and smart operations.”
Founded in 2021, the company’s unique platform is designed to assist not only the maritime market but also other asset-heavy industries in shifting to data-driven decision-making, enhancing their capability to reduce greenhouse gas emissions and fostering sustainability.
Read the orginal article: https://www.eu-startups.com/2023/10/bergen-based-nortech-ai-raises-e2-5-million-to-aid-data-driven-decision-making-in-the-maritime-industry/
